Company has reduced Authorized Shares by 10 billion effective March 31st
Watertown, NY, June 22, 2022 — McapMediaWire — 1812 BREWING COMPANY, INC. (OTC Pink: KEGS) (the “Company” or “KEGS”) is pleased to announce that is has received correspondence from Florida’s Department of State that the Company’s Articles of Amendment to its Articles of Incorporation reducing the Company’s authorized shares by ten (10) billion shares or 50% was processed on April 20, 2022.
“As previously stated, it was hard to imagine a scenario wherein the Company would need to issue 20 billion shares, and to have the Authorized Shares at that level was counterproductive to our ongoing efforts to reduce the Company’s overall cost of capital,” stated Chairman and CEO Tom Scozzafava. He continued, “This is just one step in KEGS’ ongoing effort to clean up its balance sheet and share structure, and it will not be our last. We have previously stated that we are looking to repay or restructure all of KEGS “floorless” convertible debentures, and from a capital structure perspective that is what we are focused on moving forward.”
The Company’s reduction in Authorized Shares has an effective date of March 31, 2022. The Company’s transfer agent has adjusted the Company’s records to reflect the reduction and has reported the new Authorized Shares number to OTC Markets’ issuer services division.
About 1812 Brewing Company (“KEGS or the “Company”):
KEGS is an operator of and investor in companies in the craft beer industry. The Company seeks to build a nation-wide network of craft breweries to develop and foster respective brand growth at the local, regional, and national level. KEGS looks to build a network wherein certain economies of scale can be shared across it such as production, distribution footprint expansion, inter-member contract brewing, new product development, sharing of best brewery practices and scale logistics and transportation. The network is to be built through investment by 1812 Brewing Company while maintaining the members’ respective local and regional uniqueness, brand autonomy and direct involvement with its consumers. The Company seeks to be an “incubator” of growth for its holdings in the industry.
The Company’s current holding, 1812 Brewing Co., produces award-winning beers such as War of 1812 Amber Ale (“1812 Amber Ale”), 1812 Light, Hazy Oasis Pale Ale, Thousand Islands IPA, Malicious Intent XX IPA, Route 11 Lager, Railroad Red Ale, Helles Bells Pilsner, St. Stephens Stout, Third Rail Porter, Featherhammer Maibock.
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Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.